Semiconductor concept stocks 2021 performance overview: more than 90% of companies expect performance growth

According to Jiwei.com, in 2021, benefiting from the global chip shortage and the chip price increase, the performance of A-share semiconductor companies is generally gratifying. According to incomplete statistics from Jiwei.com, as of January 28, 91 A-share semiconductor companies have released their 2021 performance forecasts, of which 89 companies have achieved positive profits in 2021, with a total profit of between 53.651 billion yuan and 59.531 billion yuan.

From the perspective of individual stocks, the net profits of Will Semiconductor, Zhonghuan Semiconductor, Changdian Technology, GigaDevice, China Resources Microelectronics, and Zhuosheng Microelectronics exceeded RMB 2 billion at least, ranking at the forefront of A-share semiconductor companies. In terms of net profit growth rate (lower limit), at least 48 companies had a year-on-year growth rate of more than 100%. Among them, Silan Microelectronics, National Technology, and Beijing Ingenic ranked the top three with explosive growth of 2145%, 1413.16%, and 1003.94%, respectively, with eye-catching performance.

89 companies made a total profit of at least 53.651 billion yuan

According to incomplete statistics from Jiwei.com, as of January 28, 91 semiconductor companies listed on the A-share market have disclosed their 2021 performance forecasts. Judging from the disclosed performance, 89 companies achieved profitability in 2021 (all data are selected at the lower limit, the same below), with a total profit of at least 53.651 billion yuan. Among them, the net profit of the top 10 companies reached 24.476 billion yuan, accounting for 45.62%. Only two companies suffered losses in net profit, namely Shenglu Communications and ST Datang, with the highest losses of 248 million yuan and 80 million yuan respectively.

In terms of net profit amount, 73 companies had a net profit (lower limit) of more than 100 million yuan. Among them, 15 companies had a net profit of more than 1 billion yuan, accounting for 16.48%; 15 companies had a net profit of 500 million to 1 billion yuan, accounting for 16.48%; 43 companies had a net profit of 100 million to 500 million yuan, accounting for 47.25%; and 18 companies had a net profit of less than 100 million yuan (including companies with net profit losses), accounting for 19.78%.

In terms of net profit ranking, Will Semiconductor, Zhonghuan Semiconductor, Changdian Technology, GigaDevice, and Huarun Microelectronics ranked in the top five, with net profits (lower limits) of 4.468 billion yuan, 3.8 billion yuan, 2.8 billion yuan, 2.28 billion yuan, and 2.209 billion yuan, respectively. Following closely behind are Zhuosheng Microelectronics, Ziguang Guowei, Sanhuan Group, Jingsheng Electromechanical, Silan Microelectronics, Zhenhua Technology, Huatian Technology, GalaxyCore, Ninestar, and MLS, with net profits (lower limits) of 2.050 billion yuan, 1.9 billion yuan, 1.871 billion yuan, 1.58 billion yuan, 1.518 billion yuan, 1.35 billion yuan, 1.32 billion yuan, 1.135 billion yuan, 1.11 billion yuan, and 1.1 billion yuan, respectively, ranking sixth to fifteenth.

Other companies with net profits (lower limit) between 500 million and 1 billion yuan include Torch Electronics, China Micro Semiconductor, North Huachuang, Fenghua High-Tech, Beijing Ingenic, Hongyuan Electronics, Hongda Electronics, Jingchen Holdings, Yangjie Technology, Hangjin Technology, Jingfeng Mingyuan, Liangwei, Jingfang Technology, Chujiang New Materials and Fudan Microelectronics.

More than 90% of companies expect to see an increase in performance

In terms of net profit growth, among the 91 semiconductor companies, 83 companies, accounting for 91.21%, saw a year-on-year increase in net profit (lower limit) in 2020. Among them, 15 companies saw a year-on-year increase of more than 200%, 33 companies saw a year-on-year increase of 100%-200%, 35 companies saw a year-on-year increase of 0-100%, and 8 companies saw a year-on-year decrease.

From the ranking point of view, Silan Microelectronics, National Technology, and Beijing Ingenic ranked the top three with lower limit growth values ​​of 2145%, 1413.16%, and 1003.94%, respectively, with eye-catching performance. Following closely behind are Jingfeng Mingyuan, Nasda, Maxtech, Jingchen, Fuman Microelectronics, Fuhan Microelectronics, Mulinsen, Fudan Microelectronics, Zhonghuan Semiconductor, Dinglong, HuaWei Electronics, and Puran, with net profit growth (lower limit) of 858%, 644.28%, 600.75%, 579.24%, 367.81%, 264.98%, 264.55%, 261.26%, 248.95%, 230.42%, 207.18%, and 202.19%, respectively.

There are 33 listed companies whose year-on-year net profit growth rate (lower limit) is between 100% and 200%, namely Hangjin Technology, Xinjie Energy, Liangwei Microelectronics, Tongfu Microelectronics, Awin Electronics, Xiaocheng Technology, Fenghua High-Tech, GigaDevice, VeriSilicon, Lixun Microelectronics, Ascend, Unigroup Guoxin, NavInfo, SiRuiPu, China Resources Microelectronics, Macromicro Technology, Allwinner Technology, Zhenhua Technology, Jingrui Electronic Materials, Liyuan Information, Star Semiconductor, Xidi Microelectronics, Changdian Technology, Suzhou Gotech, Tianyue Advanced, Changchuan Technology, Huafeng Measurement & Control, Galaxy Microelectronics, Shengong Technology, Hengxuan Technology, Li Yang Chip, Xinlai Materials and Chujiang New Materials.

In addition, the net profit growth rate (lower limit) of eight companies, including Shenglu Communication, Yingtang Intelligent Control, Minxin Co., Ltd., Shanghai Xinyang, Gaomeng New Materials, Jiangfeng Electronics, GigaDevice Electronics, and Saiwei Semiconductor, declined to varying degrees, with year-on-year decreases of -236.90%, -90.33%, -73.58%, -65.37%, -39.80%, -35%, -24%, and -10%, respectively.

As for the reasons for the year-on-year decline in net profit, each company has its own explanation. Shenglu Communication said that it was mainly due to the overdue accounts receivable generated by the company's divestiture of Shenzhen Hezheng Automotive Electronics Co., Ltd., and it made a provision for credit impairment losses of about 290 million yuan. Minxin shares said that industry competition has entered a period of intensified competition, and price competition is relatively fierce. At the same time, the company's new products are still in the stage of volume growth, and have not yet formed a combined competitive advantage with the main product acoustic sensor.

The total net profit of 84 companies after deducting non-operating expenses is at least 43.7 billion yuan

As mentioned above, most semiconductor companies had "brilliant" net profit performance in 2020. However, according to the author's statistical data, some semiconductor companies have increased revenue through other means to embellish the profit and loss statements. Net profit after deducting non-recurring gains and losses (hereinafter referred to as net profit after deducting non-recurring gains and losses) can more accurately identify the operating conditions, growth and potential crises of the company's main business, and has attracted the attention of investors. So, how do major companies perform after deducting non-recurring net profits?

According to the statistics of 89 companies on Jiwei.com, 84 companies had positive non-net profits (lower limit), totaling 43.7 billion yuan. Another 5 companies suffered losses in non-net profits, totaling -833 million yuan. Among them, the non-net profits of Will Semiconductor, Zhonghuan Semiconductor, Changdian Technology, GigaDevice, and China Resources Microelectronics were 3.918 billion yuan, 3.5 billion yuan, 2.35 billion yuan, 2.167 billion yuan, and 2.04 billion yuan, respectively, all exceeding 2 billion yuan.

There are 7 companies with non-net profits (lower limit) between 1 billion and 2 billion yuan, namely, Ziguang Guowei, Sanhuan Group, Jingsheng Electromechanical, Zhenhua Technology, GalaxyCore, Mulinsen, and Huatian Technology, with non-net profits of 1.7 billion yuan, 1.683 billion yuan, 1.515 billion yuan, 1.257 billion yuan, 1.086 billion yuan, 1.050 billion yuan, and 1 billion yuan. In addition, 14 companies including Torch Electronics, Silan Microelectronics, Tongfu Microelectronics, Hongyuan Electronics, Beijing Ingenic, Fenghua High-Tech, Hongda Electronics, Hangjin Technology, North Huachuang, Jingchen Shares, Yangjie Technology, Jingfeng Mingyuan, Nasdaq, and Lianwei also had non-net profits exceeding 500 million yuan.

Another five companies suffered losses in net profit (lower limit) after deducting non-recurring items, namely Minxin Shares, Shenglu Communication, Xinyuan Shares, Shanghai Silicon Industry, and ST Datang. Among them, Xinyuan Shares, Shanghai Silicon Industry, and ST Datang narrowed their losses when their main businesses grew significantly. Minxin Shares and Shenglu Communication suffered from fierce market competition in their industries and a decline in their main businesses.

50 companies' non-GAAP net profit growth exceeded 100%

In terms of the growth rate of net profit after deducting non-recurring items (lower limit), among the 89 semiconductor companies, 85 companies, accounting for 95.51%, saw a year-on-year increase in net profit after deducting non-recurring items in 2021. Among them, 50 companies, accounting for 56.18%, saw a year-on-year increase of more than 100%; 34 companies saw a year-on-year increase of 0%-100%; and 5 companies saw a year-on-year decline.

Among them, there are 6 semiconductor companies whose net profit growth after deducting non-recurring items (lower limit) exceeds 1000%, namely, Microgate Technology, Silan Microelectronics, Beijing Ingenic, Nanda Optoelectronics, Jingfeng Mingyuan, and AMEC, with growth rates of 5005.43%, 3980.86%, 3693.01%, 3017.03%, 1912%, and 1100.72%, respectively. It is worth mentioning that the growth of net profit after deducting non-recurring items of these 6 companies exceeds the growth of their net profits.　

There are 18 listed companies whose year-on-year growth rate of net profit after deducting non-recurring items (lower limit) is between 200-1000%, namely Fudan Microelectronics, Ninestar, Jingchen Holdings, Saiwei Electronics, Fuman Microelectronics, Xinyuan Microelectronics, Allwinner Technology, GigaDevice, Fudan Microelectronics, Tongfu Microelectronics, Mulinsen, Zhonghuan Holdings, Liangwei Microelectronics, Changchuan Technology, North Huachuang, HuaWei Microelectronics, Ashishun, and Purui Holdings. Their growth rates of net profit after deducting non-recurring items are 953.19%, 948.38%, 688.18%, 550%, 411.06%, 366.02%, 316.38%, 290.25%, 285.52%, 281.35%, 279.20%, 267.38%, 264.20%, 254.43%, 250%, 248.21%, 242.31%, and 211.16%, respectively.